Historic Office Building in St.
For Sale
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15 8th St N, St Petersburg, FL 33701
Historic, character-rich office asset in downtown St. Petersburg, Florida.
Property Size14,552 SF
Price / SF$375
Days on Market144
Property Features for 15 8th St N
General Information
Standard status
Active
Size
14,552 SF
Class
B
Property subtype
Office, Retail
Zoning
GC
Investment Type
Owner/User
Building Details
Year Built
1925
Year Renovated
2022
Buildings
1
Stories
4
Listing Agency:
John Burpee & Associates
(727) 585-2070
Listed By:
John Burpee · License #FL cq1057398
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 8 at 6:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of John Burpee & Associates
Investment Insights
Based on property information with market context.
Located in downtown St. Petersburg, Florida, this four-story office building offers approximately 14,552 square feet of loft-style office space. Constructed in 1925, the property features high ceilings, hardwood floors, and large windows. The building's flexible floor plates create a distinctive creative office environment. Its location places tenants within walking distance of restaurants, retail shops, entertainment venues, and cultural attractions. The central location also offers convenient access to major thoroughfares and regional transportation routes. The property's flexible layout provides potential for continued office use or boutique professional suites.
Key Highlights
- Prime downtown St. Petersburg location, offering walkability to restaurants, retail, entertainment, and cultural attractions.
- Historic 1925 building with unique architectural details and character.
- Loft‑style office space with high ceilings, hardwood floors, and large windows.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$225,939
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,518,780
$4.5M
Cap Rate 7%
$3,227,700
$3.2M
Cap Rate 9%
$2,510,433
$2.5M
Market Conditions
NOI Build-Up for 14,552 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$378.9K $26.04/SF
− Vacancy
−$77.7K −$5.34/SF
EGI
$301.3K $20.70/SF
− OpEx
−$75.3K −$5.18/SF
NOI
$225.9K $15.53/SF
Area
Pinellas County, FL
Vacancy
20.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,518,780
Cap Rate 7%
$3,227,700
Cap Rate 9%
$2,510,433
Alternative Uses
Best Use
Office B
$3.23M
$2.82M – $3.77M
NOI $225,939 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.79M
$3.31M – $4.42M
NOI $264,956 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,657
Businesses Nearby
Explore this area
Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic, character-rich office asset in downtown St. Petersburg, Florida.
Where is this office building located?
The property is located at 15 8th St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $5,457,000.
What are key features of this property?
This property features: Prime downtown St. Petersburg location, offering walkability to restaurants, retail, entertainment, and cultural attractions.; Historic 1925 building with unique architectural details and character.; Loft‑style office space with **high ceilings, hardwood floors, and large windows.**
